And you thought stated income was bad”¦

Well welcome to stated valuations.  That’s right.  A new bank is now offering “stated valuations” or SVSI (stated value, stated income) without an appraisal check.  Claiming “Purchase Money Without the Hassles” nomoreappraisals.com let’s LOs register to get immediate access to their rate sheets.  The rates are obviously higher, but not what you’d think for such a product.  They lend in all 50 states and take an unverified home valuation as acceptable collateral.  The loans are purchase-money only which supposedly protects from over-valuation.

Just when you think you’ve seen the worst of it some sucker is going to be stuck buying these SVSI loans.  I guess one is born every minute.  

Article publish date: April 1, 2008

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